Monday, October 4, 2010 at 7:00 am (Updated: October 4, 7:48 am)
Ten years ago, the Virginia Department of Transportation was on a reckless spending spree, delaying payments on completed projects in order to start new ones. More than 160 projects had to be canceled to restore financial sanity.
A new audit initiated by Gov. Bob McDonnell revealed last month that the pendulum has swung too far in the opposite direction.
Today’s VDOT is paralyzed by bureaucratic rules intended to improve accountability that instead have resulted in hundreds of millions of dollars sitting unused in more than 25 separate financial accounts.
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